Earlsfield Riverside - Levy Real Estate€¦ · PAGE 1CompuoGGomptpeA rg1 PAGE 1CompuCtemAArmgna...

Earlsfield RiversideSW18 4RL

EarlsfieldRiverside

LONDON SW18 4RL

SOUTH WEST LONDON RESIDENTIAL DEVELOPMENT OPPORTUNITY


PAGE 1 Computer generated image of Wandle Terrace

Executive Summary - Riverside location a short walk from

Earlsfield Station

- Resolution to grant planning permission for a new build scheme comprising 129 residential units:

105 private units totalling 82,568 sq ft (7,670.6 sq m) NSA 9 intermediate units totalling 6,990 sq ft (649.4 sq m) NSA 15 affordable rent units totalling 10,605 sq ft (985.2 sq m) NSA Office accommodation totalling 11,796 sq ft (1,095.9 sq m) NIA

- 1.83 acres / 0.74 hectares

- A large proportion of private residential units qualify for Help to Buy

- For sale via informal tender

- Unconditional offers are invited for the freehold interest


The River Wandle

Wandsworth Common

Spencer Lawn Tennis Club

Earlsfield Primary School

Wellington Works (Goldcrest)

Durnsford Park Recreation Ground

Westfield Waterside (Linden)

Ram Quarter & Southside Shopping Centre

Earlsfield High Street Earlsfield Station


PAGE 3

A Vibrant LocationThesiteisaccessedfromRavensburyTerrace,ashortwalkfromEarlsfieldtotheeast,tothesouthofWandsworthandeastofWimbledon.Earlsfieldisanaffluentandestablishedsuburbofsouth-westLondoncharacterisedbyVictorianterracedhousingwithlargeopenspacesincludingWandsworthCommon,WimbledonParkandStGeorge’sPark,whichtheRiverWandlerunsthrough.

Locally,EarlsfieldvillagehasembracedacaféculturethatisexceptionallypopularwithyoungprofessionalsandfamilieswithitsrangeofartisancoffeeshopssittingalongsideestablishedchildfriendlyrestaurantssuchasCarluccio’s.SouthsideShoppingCentreislocatedatthenorthernendofGarrattLane,approximately1milefromthesiteandprovidesanextensiveretailandleisureofferingwithhighstreetstoresincludingGap,OliverBonas,TopshopandWaterstones,aswellasaWaitrose,14screencinema,gymandrestaurants.


PAGE 4

For Business and PleasureThereareawiderangeofamenitieswithinthelocalvicinityincludingtheNuffieldHealthCentre,theSpencerLawnTennisClub,theWimbledonFarmers’MarketandWimbledonPark(tennisandgolf).LocalschoolsincludeWimbledonParkPrimarySchool,GarrattParkSchoolandBurntwoodSchool.


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Primary Schools1 FloreatWandsworthPrimary2 BeatrixPotterPrimary3 GarrattParkSchool 4 WimbledonParkPrimary 5 EarlsfieldPrimaryNurseries1 EddieCatz(playcentre)2 TheLittleHouseNursery3 StickyFingersPlaces of Interest1 SouthsideShoppingCentre2 RamBrewery3 TootingBroadwayMarket4 EarlsfieldHighStreet5 Carluccio’s6 CaféNero7 SpencerSportsClub8 BatterseaIronsides9 MagdalenTennisClub10 WimbledonPark11 WandsworthCommon12 GarrattPark13 DurnsfordRoadRecreationGround14 KingGeorge’sPark15 WimbledonFarmers’Market

Local Amenities


PAGE 6

Well ConnectedTransportlinkstothesiteareexcellent.

Earlsfieldrailwaystation(Zone3)islocatedwithin250metresandprovidesregularservices(every4minutesatpeaktimes)toClaphamJunction(LondonOverground),Waterloo(14minutejourneytime)andWimbledon.Inaddition,WimbledonParkstation(DistrictLine)islocated800metrestothesouth-west.

TherearealsoanumberofbusroutesrunningalongGarrattLaneprovidinggoodaccesstoboththeimmediateandwiderarea.

Journey Times

Waterloo14 minutes on train

A3/M25 JCT5 miles

M4 Motorway6 miles

M3 Motorway10.5 miles

Victoria23 minutes on train

Heathrow14 miles

Gatwick33 miles

Earlsfield Clapham Junction3 minutes on train

Wimbledon Park Earl’s Court 15 minutes on train


PAGE 7

RamQuarter Bronze,BuckholdRoad

SouthThamesCollege

Residential Market OverviewTherehasbeenlimiteddevelopmentlocallyofsignificantnote,principallyduetothefactthatthemajorityoftheEarlsfieldareawasdevelopedintheVictorianera.ThisisinstarkcontrasttoWandsworth,wherethereareanumberofschemesincluding:

Ram Quarter–TheredevelopmentoftheformerRamBrewerybyGreenlandtoprovide661units(595private&66intermediate).ThefirstphaseoftheschemehasnowcompletedandphaseIIhasbeenlaunchedwithaskingpricesinexcessof£850psf.

Bronze - Buckhold Road–Anewbuildschemeofupto18storeystoprovideawhollyprivateresidentialschemeof77units.Quotinginexcessof£875psf.

South Thames College–L&Q’sdevelopmentwhichwillprovide202units(151private&50intermediate).ConstructioncommencedinJune2017andwillrununtillate2018.PrivatesaleunitswillbelaunchedinQ22018.

Morelocally,LindenHomeshaverecentlycompletedWestfieldWaterside,a193unitschemewherethelatestflatshaveaveraged£815psf.ThereislittlenewdevelopmentintheimmediatevicinitywiththeclosestmajorschemebeingtheproposedredevelopmentoftheformerWimbledonGreyhoundStadium.


PAGE 8

Office Market OverviewInresponsetothegrowthinthewidergigeconomyandwithaviewtocreatinganintegratedenvironment,theproposedschemeprovidesacombinationofbothofficeandco-workeraccommodationatgroundandpart1stfloorlevel.Whilstco-workerspaceisarelativelyrecentphenomena,itisexpandingrapidlyandtakeuptendstobefocusedonareaswithstrongtransportlinks(suchasEarlsfield)andwithabroaderbackdropofamenitiesandservices.Theschemehasbeendesignedtooffertwofloorsofcontemporaryaccommodation,whichiscapableofprovidingattractiveofficeunits,studiosandworkshopsinadditiontoanon-sitecafé.Thespacehasbeendesignedtoallowforappropriatesub-divisionwithamannedreceptionandbreakoutspaces.Morebroadly,theGreaterLondonofficemarkethasseenan11.2%riseinrentallevelsinthelast3years.Inpart,thisisinresponsetothelossofemploymentspacetoresidentialleddevelopment.However,itisalsothecasethatmanybusinesseshavesoughttore-locatefromCentraltoGreaterLondontoprovideaccommodationthatbetterrepresentstheirbusinessonamoreeconomicbasis,anexamplebeingSquireandPartners’relocationtoFerndaleRoad,Brixton.

Submarket Headline Rents

Putney £45-50psf

Wimbledon £40psf

Wandsworth £35psf

Digital technology

Advertising, Marketing, Communications,Brand Consultancy, Publishing

Designer-Makers, Product Design

Production, TV, Music & Photography

Social Enterprise and Charity

Clothing & Fashion

Management Consultancy orBusiness Services (e.g. legal, finance)

Education & Training

Architecture

0% 5% 10% 15% 20% 25% 30%

Provision of Co-worker Space by Sector (Source:GLA)

Outer London Office Rental Value Growth (Source:MSCI)

120

160

200

Dec-11 Dec-13Dec-12 Dec-14 Dec-15 Dec-16 Dec-17

Year

Ren

tal G

row

th (

MS

CI I

ndex

)


PAGE 9

Riverside LocationEarlsfieldRiversideisaccessedfromPenwithRoadtothenorth.Thesiteisbroadlyrectangularinshapeonasouth-westaxisandisboundedbyterracedhousingtothewest,therailwayembankmentandRiverWandletotheeastandtheRufusBusinessCentretothesouth.ThesitepresentlyhasaroadwayrunningthroughitprovidingaccesstotheRufusBusinessParktothesouth,whichwillberelocatedwithinthesiteaspartoftheplanningpermissionand,oncompletion,willprovidecontinuedaccessthroughtheproperty.TheexistingsiteisbroadlylevelandbenefitsfromariverwallfrontingontotheRiverWandle.

Thesitetotals1.83acres(0.74hectares)andcomprises5industrialunitstotalling45,673sqft(4,243sqm)GIA.

APhaseIIEnvironmentalreportisavailableonthedataroom.

Wimbledon Tennis Club

Wimbledon Common & Village

Plough Lane (Galliard)

The River Wandle

Garratt Park

Earlsfield High Street

Wimbledon Park

Earlsfield Station

Wimbledon Park Underground Station


PAGE 11

Outline Planning Permission for 129 Residential Units

ThesiteislocatedwithintheLondonBoroughofMerton,isnotlistedandisnotlocatedwithinaconservationarea.

Aresolutiontograntplanningpermission(Ref16/P2672)hasbeenmadefor:

“Demolitionofexistingbuildingsandredevelopmenttoprovideamixedusebuildingofpart4,part5andpart6storeys,accommodating1,177sqmGIAofcommercialspace(12,665sqft)and82residentialunits,andaresidentialterraceof2,3and4storeysproviding47residentialunits,totalling129dwellingswithinUseClassC3,togetherwithariversidepark,carparking,servicing,access,landscapingandotherworks.”

TheoutlineplanningpermissionissubjecttoaS106agreementbeingsigned,whichisintheprocessofbeingfinalised.

TheS106willincludeanaffordablehousingreviewmechanism.

TheS106providesfortheWandleTerraceofficespacetobeoccupiedasco-workeraccommodation.

Blue Badge Visitors Bay

Car Club Bay

Car parking forRufus Business Centre

PublicOpenSpace

Play AreaEU

RO

BIN

1100

LT

EU

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1100

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EU

RO

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1100

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EU

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1100

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EU

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1100

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1100

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1100

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Commercial Unit424.7 sqm


Plant

EU

RO

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1100

LT

EU

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1100

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EU

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1100

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EU

RO

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1100

LT

EUROBIN1100 LT

EUROBIN1100 LT

EUROBIN1100 LT

44 spaces

52 spaces

Plant

Plant

Plant

24 spaces

20 spaces

EUROBIN1100 LT

EUROBIN1100 LT

EU

RO

BIN

1100

LT

EUROBIN1100 LT

BIN240LT

BIN240LT

BIN240LT

BIN240LT

EUROBIN1100 LT

BIN240LT

BIN240LT

BIN240LT

BIN240LT

EUROBIN1100 LT

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BIN240LT

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EUROBIN1100 LT

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BIN240LT

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EU

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1100

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BIN240LT

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WCs

Kitchen

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BIN

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WCs

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EUROBIN1100 LT

EUROBIN1100 LT

EUROBIN1100 LT

30

HASLEMERE TERRACE

WANDLE TERRACE

RI V

ER

WA

ND

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Use / Tenure

Residential-SocialRent

Residential-Intermediate

Residential-PrivateSale

B1Commercial

WheelchairUnit

GroundFloorPlan

Plansnottoscale.Foridentificationpurposesonly.


PAGE 12

The Consented SchemeDesignedbyStitchArchitects,theschemecomprisestwodistinctcontemporaryblockswhichformanewurbanRiversideQuarter.AccesstotheschemeisprovidedfromRavensburyTerraceontoanewpublicopenspacewhichoverlookstheRiverWandleandprovidesaviewalongthenewlycreatedlandscapedaccesswaythroughthesiteleadingtotheRufusBusinessCentre.Theschemehasbeendesignedtointegratetheresidentialandcommercialuseswiththeintentofcreatinganinteractivegroundfloorfrontagewhichcomplementstheresidentialabove.Subtledetailssuchasthedifferingbricktoneshavebeenusedwithinthedesigntomirrortheaestheticdistinctionbetweenthetwobuildings,WandleTerraceandHaslemereTerrace,whichinmoredetailcomprise:

Wandle Terrace-Amixedusebuildingoverpart4,part5andpart6storeysaccommodating800sqm(8,615sqft)GIAofcommercialspaceontheraisedgroundfloorand82residentialunits.

Haslemere Terrace-Aresidentialbuildingonpart2,part3andpart4storeysproviding47residentialunitsinamixofhousesandwalk-upapartmentsand295.5sqm(3,181sqft)GIAofcommercialspaceacross2groundandfirstfloorunits.

Atgroundfloorlevel,thenewofficeshaveextensiveglazedfacadesinordertocreatevibrantstreetscapeswhilstabove,alloftheresidentialunitsbenefitfromprivateamenityspacewiththemajorityofunitsbeingdualaspect.

Computer generated image of Haslemere Terrace


PAGE 13

HASLEMERE AVENUE

Blue Badge Visitors Bay

Car Club Bay

CommercialUnit

117.9 sqm

WCs

Kitchen

WANDLE TERRACE

HASLEMERE TERRACE

RI V

ER

WA

ND

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K

E D C B A

JH G F

Use / Tenure

Residential-SocialRent

Residential-Intermediate

Residential-PrivateSale

B1Commercial

WheelchairUnit

Plansnottoscale.Foridentificationpurposesonly.

First Floor Plan


PAGE 14

Theschemehasnobasementlevelandtheproposalsprovidefortheexistingsitetoberaisedby0.5metres.

Private Intermediate Affordable TOTAL

Block Private Intermediate Affordable Rent NSA (sq m) NSA (sq ft) NSA (sq m) NSA (sq ft) NSA (sq m) NSA (sq ft) NSA (sq m) NSA (sq ft)

A 13x1b,11x2b,2x3b 1,905.9 20,516 1,905.9 20,516

B 3x1b,3x2b 416.1 4,479 416.1 4,479

C 9x1b,14x2b 1,661.1 17,881 1,661.1 17,881

D 3xstudio,3x1b 308.1 3,316 308.1 3,316

E 5x2b 4x1b,5x2b 2x1b,2x2b 394.8 4,250 649.4 6,990 290.9 3,131 1,335.1 14,371

F 1x1b,1x2b,1x3b 247.6 2,665 247.6 2,665

G 5x1b,4x2b,1x3b 666.6 7,175 666.6 7,175

H 5x1b,5x2b 641.0 6,900 641.0 6,900

J 5x1b,5x2b 641.0 6,900 641.0 6,900

K 6x1b,5x2b 694.3 7,474 694.3 7,474

Houses 6x3b 788.4 8,487 788.4 8,487

3 x studio, 44 x 1b, 48 x 2b, 4 x 3b, 6 x 3b houses 4 x 1b, 5 x 2b 8 x 1b, 7 x 2b 7,670.6 82,568 649.4 6,990 985.2 10,605 9,305.2 100,164

GIA 12,124.5 130,511

Tenure Split Units % by unit

Privatesale 105 81.4%

Intermediate 9 7.0%

AffordableRent 15 11.6%

129

Location Use Units NIA (sq m) NIA (sq ft)

WandleTerrace B1a Unit01 424.7 4,572

WandleTerrace B1a Unit02 375.6 4,043

HaslemereTerrace B1a Unit03-GrdFlr 177.6 1,912

HaslemereTerrace B1a Unit03-1stFlr 117.9 1,269

GIA 1,095.8 11,796

Schedule of Accommodation


PAGE 15

TechnicalAsiscommonforbrownfieldsitessuchasthis,thepropertyissubjecttotechnicalconstraintssuchascontamination,detailsofwhichcanbefoundinthedataroom.

ThereisaNeighbourlyDeedwiththeadjoiningowneroftheRufusBusinessCentrecoveringofftherelocationoftheroadthroughthesite.

GordonIngramAssociateshaveadvisedthattheconsentedschemedoesnotgiverisetoanyRightstoLightinfringementsbeyondthosealreadycompensatedforthroughprivatetreaty.

Fullinformationregardingalloftheaboveisavailableonthedataroom.

Data RoomFullbackgroundinformationisavailableviathedataroom,whichcanbeaccessedatwww.earlsfieldriverside.co.uk

TenureThesiteisheldfreeholdunderthefollowingtitles:SGL9275SGL411968SGL411967SGL693527SGL408400

Tenancy

ThepropertyisbeingsoldsubjecttoashorttermoccupationalleaseofUnit1infavourofCrossfitBoltLtdatarentof£51,200p.a.Theleaseisoutsidethe1954Actandvacantpossessioncanbeobtainedwithin3months.

ThereisanadditionalleaseinfavourofVodafoneinconnectionwiththetelephonemast.VodafonearecurrentlyholdingoverunderaleasethatexpiredinFebruary2011atarentof£35,000p.a.Afullstrategynoteinconnectionwithvacantpossessionissetoutonthedataroom.

VATThepropertyhasbeenelectedforVATandthereforeVATwillbepayableonthepurchaseprice.

EPCCopiesoftheEPCsareavailableonthedataroom.

Tender ProcessThepropertyisforsalebywayofInformalTender.Unconditionaloffersareinvitedforthefreeholdinterest.

Key

Freeholdsite Ownedby3rdparty.Rightofway


PAGE 16

MISREPRESENTATION ACT 1967LevyRealEstateLLPandJLLforthemselvesandfortheVendorsorlessorsofthispropertywhoseagentstheyaregivennoticethat:Alldescription,dimensions,referencetoconditionandnecessarypermissionsforuseandoccupationandotherdetailsaregivenwithoutresponsibilityandanyintendingpurchasersortenantsshouldnotrelyonthemasstatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastothecorrectnessofeachofthem.Anyservicesmentionedhavenotbeentestedandthereforeprospectiveoccupiersshouldsatisfythemselvesastotheiroperation.Theseparticularsareproducedingoodfaithandsetoutageneralguideonlyanddonotconstitutepartofanyofferorcontract.NopersonintheemploymentofLevyRealEstateLLPandJLLhasanyauthoritytomakeorgiverepresentationorwarrantyinrelationtothisproperty.AllpricesandrentsarequotedexclusiveofVATunlessotherwisestated.January2018.Designed and produced by Cooper Rose 020 3440 5160

InspectionAccessisstrictlycontrolledbyJLLandLevyRealEstateLLPandisbyappointmentonly.

Pleasecontactthedisposalteamforfurtherinformation:

JLL Bruno Jaczkowski [email protected] 02070875548

Dan Smith [email protected]

Levy Real Estate LLPMatt [email protected]

Ed [email protected]

www.earlsfieldriverside.co.uk

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